BW LPG announces a sale and leaseback arrangement and two time-charter-in agreements

BW LPG Limited (BW LPG) has concluded a sale and leaseback agreement with Nissen Kaiun Co. Ltd. for its last VLGC newbuilding under construction at Daewoo Shipbuilding and Marine Engineering.

Chemical/Oil Products Tanker BW Aries - Image: BW LPG

Concurrently BW LPG Limited has also agreed to time-charter-in two VLGC newbuildings to be constructed at Mitsubishi Heavy Industries from Nissen Kaiun Co. Ltd, with deliveries expected in 2020. All three time-charter-in agreements include purchase options.

Commenting on the transaction, BW LPG CEO, Martin Ackermann said, “The benefits of the transactions are threefold: it allows us to renew our chartered-in fleet, enables us to offer our customers more flexible solutions and it further strengthens our relationship with Japan, which is one of the world’s most important LPG demand centres.”